Waaree Energies (WAAREEENER) Q2 26/27 earnings summary

Executive summary

• Q2 consolidated revenue was ₹7,517.74 Cr, up 23.9% YoY; net profit was ₹753.64 Cr versus ₹878.21 Cr.

• H1 revenue was ₹15,449.53 Cr, up 47.3% YoY; operating EBITDA rose 15.5% to ₹2,775.1 Cr.

• Order book stood at ₹59,200 Cr as of October 26; FY27 operating EBITDA guidance was reaffirmed at ₹7,000–7,700 Cr.

• Retail growth and manufacturing expansion support growth plans amid U.S. trade-policy and solar pricing uncertainty.

Financial highlights

• Q2 operating EBITDA was ₹1,335.2 Cr, down 5.1% YoY; margin was 17.8% versus 23.2%.

• Q2 net profit was ₹753.64 Cr, down 14.2% YoY; H1 net profit was ₹1,645.51 Cr versus ₹1,651.10 Cr.

• H1 consolidated operating cash flow was ₹3,477.06 Cr versus ₹574.73 Cr in the prior-year period.

• Standalone Q2 revenue was ₹4,577.55 Cr and net profit was ₹670.88 Cr; H1 revenue was ₹10,799.22 Cr and net profit was ₹1,409.98 Cr.

Outlook and guidance

• FY27 operating EBITDA guidance was reaffirmed at ₹7,000–7,700 Cr; H2 is expected to contribute 55%–60%, with Q3 and Q4 expected to be loaded.

• Planned capacities include 20 GWh BESS by FY29, 3.5 GWh BESS in Phase I by FY27, 10 GW ingot-wafer, ~15 GW cells, 4.15 GW inverters and 20,000 MVA transformers.

• Planned capex exceeds ₹30,000 Cr, phased 30% in FY27, 40% in FY28 and 30% in FY29.

• Strategic evaluation is underway for hyperscale, AI-ready and edge data centers; acquisition of the data-center entities is expected to complete in FY27.